Verisk to acquire Genscape
Verisk has signed a definitive agreement to acquire Genscape, a global provider of real-time data and intelligence for commodity and energy markets, wholly owned by DMGT for $364 million in cash. Genscape will become part of Wood Mackenzie, a Verisk business, and will enhance Wood Mackenzie’s existing sector intelligence in energy data and analytics.
Genscape operates the world’s largest private network of in-field monitors and distributes industry-leading alternative energy data, delivering market intelligence across the commodity and energy spectrum, including power, oil, natural gas, natural gas liquids, agriculture, biofuels, and maritime freight. This will further enhance Wood Mackenzie’s research and consultancy across the natural resources sectors.
“With Genscape joining Wood Mackenzie, our customers will now better understand the defining issues facing key energy commodities—over the long term with Wood Mackenzie’s existing offerings and in the short term through Genscape’s offerings,” Neal Anderson, President, Wood Mackenzie, said. “With the immediacy and global reach of Genscape’s IoT sensors, customers have access to proprietary data analytics.”
“The agreement also increases the growth potential for our business,” Mr Anderson added. “There is limited overlap between Wood Mackenzie’s customer base and the 1,300 customers that Genscape serves. This creates a significant opportunity to use our existing solutions for cross-sell to customers of the two businesses and particularly to integrate our proprietary data sets for new analytical insights.”
“We’re very excited about this combination,” Jon Ecker, CEO of Genscape, said. “Our content, analytics, and services complement each other extremely well, and the combination will bring significant added value for our customers. We’re looking forward to working with Verisk and Wood Mackenzie to see what the energy future holds.”
“Genscape and its real-time and historical data, forecasts, analytical insights, tools, and software solutions will be a valuable addition to both Wood Mackenzie and Verisk,” Scott Stephenson, Chairman, President, and CEO of Verisk, said.
The transaction is subject to the completion of customary closing conditions.